Resistance 3: Chf1.1420
Resistance 2: Chf1.1300
Resistance 1: Chf1.1240
Current price: Chf1.1179
Support 1: Chf1.1140
Support 2: Chf1.1080
Support 3: Chf1.1020
Comments: USD/CHF weakens ahead of the possible
historical “rescue” bill approved in the Senate today. Senate Democrats
and Republicans agreed to vote today on legislation that would give
Treasury Secretary Henry Paulson broad authority to buy troubled assets
from financial companies. Senators plan to include a provision that
would raise the limit on federal insurance for bank deposits to
$250,000 from $100,000 now, a move demanded by some of the rescue
plan's critics. On Monday, the U.S. House of Representatives voted 228
to 205 against a bill authorizing the biggest government intervention
in the markets since the Great Depression. Resistance on USD/CHF is
around yesterday’s high on Chf1.1240/50. Next band of resistance is
around Chf1.1300 and further – on Chf1.1420 (Sep 11 high). Support
comes at 23.6% of yesterday’s gain on Chf1.1140, then – at Chf1.1080
(38.2%) and Chf1.1020 (50%).